July 17, 2018

Press Release

17 July 2018 (Toronto): The Large Credit Union Coalition (LCUC), a group comprising the CIOs of the 16 largest credit unions in Canada, has joined enterprise software firm R3’s global blockchain ecosystem.

Representing over $125B in assets, LCUC fosters innovation and technology to the benefit of the whole Canadian credit union system. It will join R3’s network of over 200 financial institutions, regulators, trade associations, professional services firms and technology companies to develop on Corda, R3’s blockchain platform designed specifically for businesses.

Corda is the world’s only blockchain platform designed from the ground up for businesses operating in complex and highly-regulated markets. It offers access to a vibrant network of interoperable blockchain applications for finance and commerce.

David E. Rutter, CEO of R3, comments: “Canada is a hub for blockchain innovation and remains a key market for R3. We are pleased to welcome LCUC on board and look forward to working with its group of CIOs to enrich the services offered to their members with Corda’s unique enterprise-focused blockchain technology.”

Yves Auger, CIO at Servus Credit Union, comments: “The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology. The wealth of knowledge and possible use cases we can dive into in short order were among some of the key reasons we felt partnering with R3 was the right choice for us.”

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About R3

R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over USD 120 million from more than 45 firms.

The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. www.r3.com

About LCUC

The Large Credit Union Coalition (LCUC) represents Canada’s largest Credit Unions with over 3 million members and $125 billion in assets, with credit unions in Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.

The goal of the LCUC’s CIO group, is to use their collective knowledge and national presence to provide technology leadership and innovation to enrich the financial lives of their members and strengthen the competitiveness of Canadian credit unions.

In the past, the coalition has developed and implemented multiple projects like remote cheque deposits, mobile payments, etc. Currently, the LCUC is focusing its energy in the areas of artificial intelligence, cloud computing, payments modernization and other technology and innovation related areas.